AyalaLand Logistics Holdings Corp. (ALLHC), an Ayala Land Inc. (ALI) subsidiary, said Tuesday net income dropped 37 percent to P354 million in the first nine months of 2023 from P565 million a year ago.
Consolidated revenues reached P2.1 billion from January to September, down 25 percent from P2.8 billion last year.
Warehouse leasing recorded P510 million in revenues, a 2-percent decline versus last year, on lower average occupancy during the period.
This was attributed to the facilities upgrade in ALogis Calamba, which was completed and leased at the end of the second quarter.
ALLHC tenanted 51,000 square meters in ALogis Calamba to logistics companies in May and September this year. With an 88-percent lease-out rate, the management expects overall occupancy to rise in the fourth quarter with tenants commencing operations.
Cold storage revenues grew to P129 million from P89 million last year, a 45 percent increase given the addition this year of the ALogis Artico Mandaue facility in the portfolio and higher overall occupancy.
Commercial leasing revenues were flat at P664 million.
“We remain focused on our strategies and plans to continue building our diversified industrial real estate portfolio. Our commitment to long-term success is evident in our forthcoming project launches and expansions, which will be integral in growing our recurring revenue business and our industry presence,” ALLHC president and chief executive Robert Lao said.
ALLHC launched in September Phase 3 of its Pampanga Technopark industrial township, with this phase being registered with the Board of Investments (BOI) as an industrial zone.
ALLHC is on track to deliver its target of additional 10,000 pallet positions from the ongoing ALogis Artico projects in Santo Tomas, Batangas and Mabalacat City, Pampanga.
Likewise, construction is in full swing for ALogis facilities in Naic and Mabalacat covering 15,000 square meters. The company’s first build-to-suit (BTS) facility within Cavite Technopark is also underway.
